Zee Shareholders Reject Promoters Stake Hike Bid Via Rs 2,237Crore Fund Infusion

Image for article Zee Shareholders Reject Promoters Stake Hike Bid Via Rs 2,237Crore Fund Infusion
News Source : Ndtvprofit.com

News Summary

  • Zee Entertainment's board had approved plans to raise Rs 2,237 crore via the issue of fully convertible warrants to promoters
  • Most of the warrants would have come from a Mauritian promoter whose ultimate beneficiaries includes ousted board member Punit Goenka
  • The funds, Zee has reiterated, were earmarked to strengthen it's financial foundation, fortify core business segments, and explore new growth opportunities
Currently, Zee promoters dont have any board seat.The board is now allowing Punit Goenka and the promoter group to be further entrenched in the company by consenting to the family/promoter group [+3565 chars]

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